Hotelier Vikram Puri has acquired an all-suite hotel in Goa from Sun Estates for about Rs 60 crore, according to two people with knowledge of the transaction.
The property is located in Candolim, with suites sized 485 square feet onwards.
Vikram Puri, the managing director of Archer Hospitality, the proprietor of The Astor Kolkata, is set to expand the Astor brand, after more than two decades of overseeing a single hotel property. “We are now ready to expand the Astor brand. Since the Kolkata hotel is a heritage property, the Goa hotel has to be unique. We plan to open more such properties,” said the scion of HCL co-founder DS Puri, without revealing the financial details of the transaction.
Suraj Morajkar, managing director of Sun Estates, said the company was constructing the hotel when they were approached by Puri and decided to sell it. “It was a boutique property, and we decided to exit it after getting the right offer. We plan to develop more such properties and sell them to the right hoteliers,” he said.
Morajkar established one of the Hilton Group’s first resorts in Goa and has also developed villas for celebrities such as Neha Dhupia, Chunkey Pandey, Yuvraj Singh, designer Ritu Kumar, Eicher Motors managing director Vikram Lal, Ronit Roy and Jackie Shroff.
“We have bought land at the right places, and development depends on the right time. We believe Goa is a market for everyone, but we have the right kind of product for luxury living,” said Morajkar.
Sun Estates has projects in North Goa areas such as Candolim, Saipem, Nerul, Pilerne, Assagao, Morjim and Batim.
With the easing of the COVID-19 pandemic, there has been a significant increase in demand for both holiday homes and hotels.
“We anticipate achieving at least a 30% increase compared to last year in sales from our projects Axis Blues, Axis Yog Villas and Axis Lake City Avenue in Goa, as there has been an upsurge in demand,” said Axis Corp CEO Aditya Kushwaha.
The hospitality industry in India is estimated at $23.50 billion in 2023, and is expected to reach $29.61 billion by 2028, growing at a compound annual growth rate of 4.73%, according to a report released this month by Noesis Capital Advisors titled ‘Unlocking Hidden Value’.
Hotel transactions in India increased a staggering 140% year-on-year between January and June to $175 million, whereas the hospitality sector registered a total deal volume of $73 million in the entire 2022, as per JLL’s Hotel Investment Trends-India H1 2023 report.
